MART at 37:  Bridging Stakeholders Toward an Efficient Capital Market

There is a financial event happening all across the globe, affecting every major market with repercussions for the long term. It’s an event that echoes an unfortunate one some decades ago. It’s quite fortunate that many are confident, unlike then, that we now have the systems and methods to avert such disasters.

This financial crisis has hit a few countries harder than some. But in a way, we are fortunate to have organizations that wisely come together and are prepared to deal with these events. 

One such organization that is helping people boost their confidence in the nation’s economy is the Money Market Association of the Philippines (MART). It is an association of 63 member-banks and financial institutions which include universal banks, commercial banks, savings and thrift banks, foreign banks and investment houses represented by market practioners in the trading and sales business.  Established in 1971, it has since been a prime mover in the development of the local money markets and debt capital markets. Ever since, MART has become an indispensible partner of the government through the Department of Finance (DOF) and the Bureau of treasury (BTR) in the mobilization of funds, our economy’s lifeblood, for the development of our country and our people. MART has also grown as a progressive collaborator of the Bangko Sentral ng Pilipinas (BSP),  the Securities and Exchange Commission (SEC) and Bankers Association of the Philippines (BAP) in professionalizing ethical, trading and market standards, contributing to the efficiency, stabilty and resiliency of the Philippine financial market.

This year, from November 10 to 16, MART holds its Money Market Consciousness Week culminating in their annual convention on the 15th. This annual convention held annualy on November coincides with the organization’s anniversary celebration. As an event that has always been met with much anticipation by the different market practitioners, this well-deserved annual celebration is an opportunity for them to come together and meet with their peers for a weekend of work and fun.  This year’s invited keynote speaker is Treasurer Bobby Tan.

This year, MART’s theme is “Bridging Stakeholders Toward an Efficient Capital Market”. This theme is a restatement of MART’s role in the Philippine Financial markets. As an organization of market practioniers and financial intermediaries, MART is in a unique position, a nexus of these three inter-acting parties: its membership, the regulators, and the investing public. With its theme MART has emphasized its commitment to addressing the collective needs of its membership through a constantly changing environment; participating in the formulation of relevant policies and procedures with our regulators ; and protecting the investing public by upholding ethical standards, transparency and use of best practices.

Paul Favila, MART president says that this serves as a direct response to the changing local economic climate and the gathering global financial storm ahead, “The Philippine market is evolving at an ever faster pace and MART’s presence, along with its cumulative history, plays a very vital role in bringing about understanding and knowledge needed to work together with the various stakeholders in our local market equation. It is only by bringing everyone together could we hope as a nation to overcome the greatest global financial challenge of our age.”

Favila goes on to say that we are living in very interesting times – and the lessons of the past serve to make the industry just a bit more wiser in terms of staving off a potential financial crisis. “I always say that no one below the age of 70 has ever gone through such financial upheaval with this much impact globally,” he recalls. “But the difference I see now is that the world has history in the same way that MART has history. The world has a lot of experience to learn from and as such it is much wiser. This is a big global problem no doubt. But everyone is also better prepared to deal with it.  The world needs to focus on constructive measures and it is amazing to see how governments across the globe are coming together to fix the problem.”

In an uncertain financial world, organizations like MART will always have an important role to play.  “Given the new financial world order, the Philippines will have to be just as responsive, concludes Favila.  One thing is certain, though. There may be major changes in the way things are done, regulations will change,  infrastructures will change, but  MART will always be there, steadfast and resolute, a willing partner to help bring it all about.